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Industry Outlook and Trend Analysis
The Beauty Devices Market was worth USD 19.81 billion in 2014 and is expected to reach approximately USD 97.27 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 19.34% during the forecast period. The advent of new and innovative beauty products is a significant pattern encountered in this market, which is changing the situation of the beauty devices industry. Beauty device manufacturing companies are growing new and inventive products, in light of the expanding business interest for cutting edge hair care and skin care solutions. Launching innovative beauty products in the recent years has empowered clinicians, dermatologists, and aestheticians to treat skin issues, enhance skin surface, and diminish different indications of aging. Rising frequency of skin infections, increasing discretionary income, developing aged populace, expanding consciousness among consumers and awareness about beauty devices, and developing commonness of hormonal disorders are the different elements driving the development of this industry.
Type of Device Outlook and Trend Analysis
Based on type of device, the quickest development amid the figure time frame is anticipated from light/LED treatment and photorejuvenation devices, at a significant CAGR. The expanding awareness about cutting edge features provided by light/LED treatment and photorejuvenation devices for treating blemishes, wrinkles, and sagged skin is prompting their expanded adoption, and crediting to their quick development in the market.
Usage Outlook and Trend Analysis
On the basis of usage, salons recorded the most elevated usage of these devices in 2017, esteemed at 54.7% in the market. Expanding aged populace, rising predominance of alopecia, and developing awareness about magnificence medications is prompting the high usage of beauty devices in salons.
Regional Outlook and Trend Analysis
Asia-Pacific (APAC) is anticipated to be the quickest developing beauty devices market amid the gauge time frame. The accessibility of multinational brands and advent of more affordable beauty products in APAC has a tendency to attract consumers to make use of these devices for different grooming purposes. The simple accessibility of beauty products fabricated by different multinational brands on online channels additionally drives the market development.